Premiere sheds further assets

Premiere sheds further assets

German pay-TV operator Premiere has sold its 44% stake in online sports portal SPOX to financial investor Cresces for an unspecified amount. Despite the pullout, Premiere and SPOX want to continue their partnership in the fields of content, promotion and marketing.

The sale is part of Premiere’s strategy to concentrate on its core business areas, the subscription broadcaster announced in Munich. Premiere plans to bundle future internet activities under its direct control.

The move comes as no surprise as Premiere’s new CEO Mark Williams, sent in by the company’s largest single shareholder News Corp, is directing Premiere back to its core business in the process of restructuring the ailing broadcaster. In December 2008 Premiere sold its shares in online shop Home of Hardware before closing down its free-to-air channel GIGA in March.